USD/JPY Signal Update
Yesterday’s signals were not triggered and expired.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be entered between 8am and 5pm Tokyo time only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 122.00.
* Put the stop loss 1 pip below the local swing low.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 121.42.
* Put the stop loss 1 pip below the local swing low.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 123.77.
* Put the stop loss 1 pip above the local swing high.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
USD/JPY Analysis
The price is falling off in a classic bearish flag pattern as the USD bulls take a break. Although we have had something of a recovery today in the price, it will probably fade out towards the London close. There might be more significant action after the Tokyo open. The bearish trend line in the chart below is very short term but might provide a launching pad for a bullish move following a break above and retest.
There is nothing due today regarding either the JPY or the USD. It is a public holiday in the USA.